Andrews Corporation's liability account balances at June 30, 2013, included a 10 percent note payable. The note is dated October 1, 2011, and carried an original principal amount of $600,000 . The note is payable in three equal annual payments of $200,000 plus interest. The first interest and principal payment was made on October 1, 2012 . In Andrews' June 30, 2013, balance sheet, what amount
should be reported as Interest Payable for this note?
a. $10,000
b. $15,000
c. $30,000
d. $45,000
e. None of these answers is correct.
C
Business
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